Goldman Sachs is acting as an advisor for J.C. Penney Co Inc. in the retailer's efforts to raise money, possibly through a combination of debt and equity, Reuters has reported. Goldman Sachs is acting as advisor for the retailer.

Goldman this spring arranged a $2.25 billion loan for the department store chain to shore its finances after a drop in sales last year, according to Reuters.

Penney said when it reported quarterly results last month that it expected to end the fiscal year with $1.5 billion in cash.